Second quarter sales of all types of homes in Richmond have dropped substantially compared to last year, but home prices remain stubbornly high.
Sales of single-family homes dropped by 29.4 per cent in Q2 2025 from Q2 2024, but the price of a home only dropped 2.9 per cent. The home price index for a single-family home in Richmond was slightly higher than $2.1 million.
Furthermore, townhouse prices dropped 5.6 per cent, but the average price was still almost $1.1 million.
As for apartment sales, they decreased by 20.6 per cent in Q2 2025 compared to Q2 2024 while prices dropped 5.1 per cent.
The home price index for apartments in Richmond in Q2 2025 was $708,000.
All three types of homes also stayed longer on the market before being sold, ranging from 30 to 37 days.
These statistics were outlined in a report going to . next Tuesday.
City staff call Richmond’s residential real estate market a “buyer’s market” with buyer demand remaining “subdued.”
“Benchmark prices edged down slightly as cautious buyers responded to ongoing concerns around borrowing costs and economic uncertainty,” reads the city staff report.
The home price index is compiled by MLS and reflects “typical” homes prices based on statistical analysis. The report is compiled from Greater Vancouver Realtors' data.
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